And the Energy Department said U.S. crude supplies rose 4.4 million barrels during the week ended October 21. See Futures Movers.

On the New York Mercantile Exchange, crude for December delivery shed $1.78 to close at $60.66 a barrel.

ConocoPhillips, the third-largest integrated oil company
COP, +1.99%
in the U.S. behind Exxon Mobil Corp.
XOM, +0.77%
and Chevron Corp.
CVX, +0.56%
said its third-quarter profit benefited from higher oil and gas prices, which more than compensated for hurricane-related damage to the company's Gulf Coast operations, and near-capacity refinery utilization. See full story.

The stock rose 36 cents to close at $62.80.

Diamond Offshore Drilling Inc.
DO, +8.83%
reported third-quarter net income of $82 million, or 60 cents a share, compared with a profit of $2.9 million, or 2 cents a share, earned in the year-ago period.

Minus gains and charges related to Hurricanes Rita and Katrina, earnings would have been 46 cents a share. Analysts surveyed by Thomson First Call expected Diamond Offshore to earn 40 cents a share, on average.

Soaring oil and gas prices led to third-quarter net income of $359.3 million, or $3.09 a share, for Kerr-McGee
KMG, +4.03%
That compares with $7.4 million, or 5 cents a share, reported a year ago.

Excluding results from discontinued operations, earnings would have been $2.53 a share, up from 95 cents. Analysts expected per-share earnings of $2.64 a share.

Given the decline in production from the hurricanes, the company said it expects deliveries under some sales indices would be unable to meet the associated derivative contracts in force in the fourth quarter. See full story.

Its shares lost 62 cents to close at $85.25.

Amerada Hess Corp.
AHC, -0.81%
reported third-quarter net income of $272 million, or $2.60 a share, compared with $178 million, or $1.74 a share, in the year-ago quarter. The company said hurricane activity in the Gulf of Mexico cut third-quarter exploration and production earnings by around $25 million and increased costs by $14 million, after-tax. Analysts expected earnings of $3.31 a share. See full story.

Amerada stock advanced 89 cents to close at $122.20.

EnCana Corp.
ECA, +0.55%
said third-quarter net profit fell 38% to $266 million, or 30 cents a share. The natural gas producer said the latest quarter's results included a $604 million hedging hit and a $166 million gain from foreign exchange rates. Looking ahead, EnCana said it sees gas sales between 3.50 billion and 3.63 billion cubic feet per day.

On Tuesday, EnCana Chief Executive Gwyn Morgan said he would step down at the end of the year. EnCana shares dropped 7.8%, or $4.05, to close at $47.95.

Halliburton Co.
HAL, -0.42%
stock fell 2.1%, or $1.25, to close at $58.15.

Wachovia Securities upgraded Halliburton to outperform from market perform, recommending that investors take advantage of recent weakness created by concerns about international growth prospects and a rise in costs to buy the stock.

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